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Merger of North Middlesex Savings Bank and Marlborough Savings Bank

MARLBOROUGH SAVINGS BANK AND NORTH MIDDLESEX SAVINGS BANK ANNOUNCE NEW NAME AND LOGO

(MARLBOROUGH, MA. and AYER, MA., (February 8, 2017) — After first announcing their merger in July, Marlborough Savings Bank and North Middlesex Savings Bank have officially selected a new name and logo. Both banks held an employee brand launch party on February 7, 2017 to reveal the new name and brand identity in anticipation of the mutual savings banks’ merger on April 3, 2017.

The launch party was held at the Wedgewood Pines Country Club with over 140 in attendance. The brand identity was developed in partnership with Small Army, a Boston-based branding agency, and centered around the Banks’ desire to retain their connection to the communities they serve while also honoring the long term history they both share. Both institutions have been actively involved in their communities since the late 1800s.

The name of the combined institution will be Main Street Bank. The merger will result in a mutual savings bank with nearly a billion dollars in assets with 14 branch locations and the retention of all employees from both savings banks.

“We’re thrilled with the new name and brand identity. Main Street Bank just fits. And while the name is important, it’s the people that truly make the difference and we’re both committed to maintaining that customer-centric culture that has propelled the success both banks have enjoyed”, commented Rick Bennett, CEO of Marlborough Savings Bank.

The brand identity process also revealed a guiding principle that the Bank has described as the moral of their story – Our lives are richer when we support one another.

"Although our names have changed, we are still the same community-minded bank with the ability to expand the products and services we offer to support our continued growth. To that end, we move into the future with one clear, consistent, name and message," said Wally Dwyer, CEO of North Middlesex Savings Bank.

More information about the merger can be found at www.agreatbank.com and www.nmsb.com. The new website is currently under construction with an expected launch date by June 5, 2017.

ABOUT MARLBOROUGH SAVINGS BANK Marlborough Savings Bank is a locally run, independent mutual savings institution serving the Metrowest communities of Massachusetts since 1860. Mutual savings banks are owned by their depositors, not stockholders which deepens their commitment to their customers and the communities they serve. With branch offices in Hudson, Marlborough, Northborough, Southborough, Sudbury and Westborough, Marlborough provides an extensive array of financial services and products for all personal and business life stages. A strong supporter of the communities, MSB is redefining what makes a great bank. For more information, visit www.agreatbank.com

ABOUT NORTH MIDDLESEX SAVINGS BANK Founded in 1885, North Middlesex Savings Bank is a community bank managed by and for the benefit of local residents, businesses and communities of the Nashoba Valley region (MA). Since its beginning, exceptional customer service has been the hallmark of its success.  The Bank has seven area locations for their customers’ convenience. The Bank offers a full-range of innovative banking products and services for personal, small business, mortgages and commercial lending customers and is committed to helping make the communities it serves a better place to live, work and grow. North Middlesex Savings Bank is a member of the Federal Deposit Insurance Corporation (FDIC), Deposit Insurance Fund (DIF) and is an Equal Housing Lender. To learn more, please visit www.nmsb.com.

 

What to Know About Our New Name and Brand

“What will the new name be?” In regards to our upcoming merger with Marlborough Savings Bank, due to be official in early April of 2017, we have heard the question about the new name and brand on several occasions. The union of our two organizations is one that is cause for excitement, and will ultimately enhance our ability to serve our customers, but we understand that with change comes some concern. We plan to address those by explaining the process and how far we’ve come.

Moral

While our new name is certainly important, and we feel it represents who we are as an organization, what is most important is our moral. This is the guiding principle that dictates how we do business, make decisions, and take action, from our customer interactions to our internal processes. Our moral is who we are and how we behave currently, and rest assured; this is how we intend to act going forward as we combine these two banks together.

Naming Process

A name is a very subjective thing. You may love it, you may hate it, or you may feel indifferent towards it. We’ll be honest here; it’s unlikely that one name will please everyone. But we feel that ours will reflect who we are, and even more importantly, we have our employees standing behind it and acting in accordance to our moral. This is where our customers, partners, and communities will feel the impact. To put it simply, our name and logo are like articles of clothing that we can wear – they represent our style, but do not define what is inside. We have great customers, and know that they can appreciate this concept and support us.

Next Steps

Our moral, new name and logo will be announced on February 8, 2017, following an internal launch party for our employees. It’s important to us that we have fun with this and remain true to who we are. Following that date, you will receive communication from us on what to expect, and any action you may need to take well in advance.  Come April, there will be some great changes, like a new name, and access to even more awesome employees at an additional 7 branch locations. We think this is definitely something to celebrate!

 

October 26, 2016

Update to our customers: 

Since we announced the news of our merger with Marlborough Savings Bank on July 12, 2016, a lot of work has been done! Our customers are our first priority, and we want to share a few important updates with you.

We’ve received many questions on what our new name will be, and truth be told, we’re excited to find that out too! One of our first tasks is to determine the new name and look for our combined bank. We have been working diligently to ensure that our core values are reflected in our new brand. We anticipate having a new name, logo and company branding by the end of Quarter 1 of 2017.

Both banks have also been reviewing our product lines, processes, and systems, so we can ensure when we are fully merged, we can provide the best products and services, coupled with the exceptional customer service you deserve. We are still working through these strategic decisions, and we will provide more information to all of our customers once this information is available. We expect that North Middlesex Savings Bank and Marlborough Savings Bank will be officially merged by the end of Quarter 2 of 2017.

Since we recognize the value of our employees and the impact they bring to your experience with us, we know it is important to build relationships among our staff. Several fun employee events have occurred with more being planned to provide ample opportunities for us to get to know each other. We have already seen a great rapport amongst the employees from both banks, and we know that will continue to strengthen our bond once we have merged. 

At this point, there is nothing that our customers need to do, and you may continue your banking with us as normal. As we work towards our merger date, we will continue to provide all of our customers with important updates. We welcome you to call us at 978-772-3306 and speak with your Relationship or Loan Officer, or visit one of our branches with any questions you may have.

 
 
July 12, 2016
 
An Open Letter to Our Customers
 
On behalf of the teams who proudly represent North Middlesex Savings Bank and Marlborough Savings Bank, we are excited to announce this mutually beneficial merger of two community-centered banks. The two banks are vibrant and strong, but we will be stronger together.
 
This new partnership will let us provide you, our customers, with the best products, convenience and exceptional service from people you already know and trust.  We are deeply committed to the philosophy of mutual savings banks, our people and by joining forces, we are ensuring the longevity of two respected hometown banks deeply rooted in their communities. No layoffs will occur as a result of this strategic merger and our existing branch network will not be impacted. All deposits will continue to be fully insured through FDIC and DIF Insurance.
 
What does this mean for you?
 
With the additional resources from both banks, combined with our most important asset, our people, we will be able to further strengthen our capabilities, products, technologies and lending capacity. Being a responsible and engaged neighbor is one of the main core values of both banks and by partnering, this will only enhance and increase our unwavering commitment to community philanthropy and volunteer hours that our people commit to every year.
 
As the merger process continues, we will make sure we communicate timely information through direct customer communications. In the meantime, you can continue to do your banking as you normally would as a customer of North Middlesex Savings Bank and Marlborough Savings Bank. We will provide ample notice when you can expect changes to occur.
 
What will the new bank be called?
 
For now, North Middlesex Savings Bank and Marlborough Savings Bank will continue to operate under our current brand names. Over the next several months, we will work together to leverage both banks’ core brand values, communities we serve, and introduce a new name. Our name will change but the faces that you are familiar with, will stay the same.
 
Will there be any changes to the bank's leadership?
 
Mr. Walter J. Dwyer, IV will continue to serve as President and CEO of North Middlesex Savings Bank. He will then become President of the combined banks. Mr. Richard K. Bennett will continue to serve as President and CEO of Marlborough Savings Bank until the strategic merger is complete. He will then become the Chief Executive Officer of the combined banks.
 
We know you’ll have more questions regarding this news.  Please click here to get answers to the important questions we anticipate you may have after hearing this exciting announcement.
 
As always, we thank you for your continued loyalty and trust.  This mutually beneficial merger will benefit our people, customers and communities we proudly serve and support for many years to come.
 
Sincerely,
 
                                                                 
Walter J. Dwyer, IV                                         Richard K. Bennett
President & CEO                                            President & CEO
North Middlesex Savings Bank                      Marlborough Savings Bank
 
 
For more information: